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pension transferred to scottish widows in 1991
Hi Another request for advice. I had a final year salary pension that ended in 1988, I had paid in for then years. In 1991 when I took out a personal pension I transferred this to Scottish widow's. In 2001 a pensions review showed that this wasn't the best deal for me and as they couldn't transfer me back into that fund…
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Pension calculators?
Hi All, I am trying to work out what my pension total might be at retirement and after running a few of the online calculators I'm a bit underwhelmed with the figures being returned. I appreciate that it will differ depending on investment choice but is it generally understood that these calculators under value? There…
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Do you have to buy an annuity
My other half will be made redundant in February and because of his age will not be getting another job. He can access his works pension and will get a large pay off. My question is do you have to purchase an annuity or can you decide yourself how you Manage the money. We can live of his yearly pension so will not need to…
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Boosting pension - APCs or Lifetime ISA
I'm keen to explore options to boost my pension, and I'd be grateful for any advice. I work for a Local Authority and now have a career average pension (CARE) into which I contribute 6.2% of my salary. Following a period of maternity leave I have returned to work part-time, which affects the value of both my monthly…
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Weslyan?
I have been advised to put my pension lump sum in Wesleyan with profits bond. Apparently investments cannot go down and it has consistently has been performing very well. A no brainer? Unless anyone can tell me otherwise.
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What would you ask pensions minister Richard Harrington?
What's happening? We're talking to pensions minister Richard Harrington next week. Do you have a question for him? If you do reply below and we'll try to put yours to him. We're asking on Facebook and Twitter too (links are in my signature) so we may not get through all but we'll do our best. Related on MSE: Pension Need…
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Paying Pension Tax
When i retire (7 years to go) and my pensions are over the tax personal allowance 11K what can I do now to avoid paying any tax. Cheers Nick
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Norwich Union (Aviva) Section 32 mis-selling on benefit indexation
I would be interested in hearing from anybody who has had a problem with mis-information on the indexation of their benefits on a Section 32 GMP from Aviva (previously Norwich Union). I took out a Section 32 transfer in 1989, on contributions made between 1975 and 1989. All the documents etc. that I was given at the time…
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After a little advice please
Hi All I have paid into 3 pensions over the 12 years of my professional life which are as follows: Local Government Pension Scheme - about 8 years NEST Pension - about 1 - 1 1/2 years Universities Superannuation Scheme - so far 4 months as I'm new in post. I'm fairly un-educated in terms of pensions so Im not sure whether…
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What points should I consider before combining pensions?
I've currently got two pensions, one from my old employer which I contributed to for 11 years but not since I left them to join a new firm, and one from my current employer of c.2 years which I pay into on a monthly basis with their contributions. Both pensions are managed through the same provider. The question is what…
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best way to cash in pension?
Hello...can you please help me? I have a 55k private pension which I can draw upon in a years time but as Im still working Im not sure of the best way to get the money in my bank account. Ive heard of 25% can be tax free but Im not too sure of the details....can anyone be so kind as to offer me advice as to how the…
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Flexible retirement
Hi I wonder if anyone has any advice, I have a local government pension due to pay out next year when I am 60. I now work in the private sector and the job is changing rapidly so I am thinking of reducing my hours under the flexible work arrangements. I have had some figures of how much salary I will lose and as I still…
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tax free lump sum
Hello pension experts This may be a daft question but I cant get my head round it. Friend has 2 DB pensions, same provider but different rules as different times. 1st one is worth approx 31k/yr, 2nd one approx 7k/yr. If he decides to convert the 2nd one to a cash transfer value ( with IFA advice) at the same time as taking…
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LGPS - had my hours reduced
Looking for a bit of advice please... I work in a school and pay into the LGPS, I was working 37 hours a week but had my hours (and pay grade) reduced at Xmas - made redundant and re-hired to a new job. I am now only working 18.5 hours at the school. I was told this would reduce my pension quite considerably! I've had a…
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Stop NHS Additional Pension in favour of topping up SIPP
I have asked a couple of questions on here as I try to sort out an early retirement plan, and I really appreciate the very helpful thoughts. I am wondering about a new change to my plan. I am 48 and have an NHS pension to which I also buy additional years so that I have the equivalent of 40 years at age 60, which was the…
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Section 32 Buy Out with GMP
A question for any pensions experts our there. Some time ago I transfered a small pension from a previous employer into a a Buy Out plan, Looking at the plan schedule it states that the GMP is '£295.88 increased by 8,5% per annum compound for each complete tax year falling betwee 10/05/1985 and the Annuitant's 65th…
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Spreading the risk - more than 1 SIPP Provider
I have had a quote to transfer my deferred DB pension. As I have other funds/investments, I will likely proceed with the transfer. My thinking is to spread the risk by using 3 SIPP providers - maybe 1 with my IFA for investments that I need advice and happy to pay commission – Shares, Unit trusts etc., For the 2nd and 3rd…
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LGPS CETV and Rule of 85
I know there are some great LGPS experts on here, so would be grateful if someone could help me. I have a deferred LGPS pension of just over £5k pa payable from age 60 and have just applied for a CETV quote. I would also get a lump sum of 3x the annual pension on retirement. (All pre 2008 service). The quote has come back…
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State Pension and Spousal Inheritence
Am I correct in saying that for a married couple who both have a SP age after April 16 and who were married prior to April 16 then either spouse would inherit 50% of the others protected benefits? If both will be entitled to the full £8k that would be the "protected benefits" figure? What happens to those who marry after…
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Tax relief on one off employer pension contribution to DC scheme?
Hi All, In April 2016 I took a new role in the company I work for. For reasons I won't bore you with, but essentially as a sweetener to take the role, the company paid a one of payment of £10,000 into my DC pension. This did not show on my salary slips etc. but simply appeared in my online pension as a one off payment. I…
